If you can’t out iterate someone who is trying to copy you, you’re toast anyway.

The only way to win is to learn faster than anyone else.

At IMVU, we opened up our board meetings to the whole company.

If you cannot fail, you cannot learn.

There was a study done in the early 20th century of all the entrepreneurs who entered the automobile industry around the same time as Henry Ford; there were something like 500 automotive companies that got funded, had the internal combustion engine, had the technology, and had the vision. Sixty percent of them folded within a couple of years.

In my first start-up, I had an initial advertising budget of $5 per day total. That would buy us 100 clicks per day. At $5 per day, marketing people scoffed and said that is too small to matter. But if you think about it, to an engineer, 100 real humans everyday giving your product a try means you can really start improving.

New Customers come from the action of past customers